40516 Housing Market Report May 2025•Fayette County, Kentucky

hero building illustration for mobile

Housing Prices in 40516, KY

How much do homes in 40516, KY cost?

Housing Market Conditions

Is 40516, KY a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

40516 is a Seller's Market

Difference Since May 2024

At the same time last year, 40516 was a Buyer's Market.

Insight

40516 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$294,950$169/SqFt
+$47,450
+19.2%

Based on all homes sold in the last 12 months

Insight

Homes in 40516 have sold for 19.2% more than they did a year ago.

Summary: The median home sold price in 40516 was $294,950 in May 2025, up 19.2% from last year, and the median price per square foot was $169.

Median Sold Price By Zip Codes

Median Sold Price By Zip Codes
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
40516
+19.2%
40511
+8.0%
40505
+7.5%
40509
+5.9%
40361
+2.6%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsMay 2024May 2025Change YoY
1--
N/A
2$165K$179.7K
+8.9%
3$250K$287.4K
+15.0%
4$488K$390K
-20.1%
5$1.1M$1.2M
+8.7%

Summary: 40516 housing price by bedroom type for May 2025, compared to the previous year. The home price for 1 bedroom homes did not change. The home price for 2 bedroom homes increased by +8.9%. The home price for 3 bedroom homes increased by +15.0%. The home price for 4 bedroom homes decreased by -20.1%. The home price for 5 bedroom homes increased by +8.7%.

How does 40516, KY compare with other places?

Market comparison tool

Data and numbers shown are subject to change and may vary based on different timeframes.

40516, KY

Housing supply in 40516, KY

How many homes are available in 40516, KY?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
10Last MonthMay 2025
112 months agoApr 2025
-9.1 %
Change MoMApr – May

Summary: The 40516 real estate market had 10 homes for sale in May 2025, a 9.1 % decrease compared to Apr 2025.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
3Last MonthMay 2025
32 months agoApr 2025
0.0 %
Change MoMApr – May

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsApr 2025May 2025Change MoM
100
0.0%
231
-66.7%
346
+50.0%
422
0.0%
521
-50.0%

Summary: 40516 housing inventory by bedroom type for May 2025, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes decreased by -66.7%. The inventory for 3 bedroom homes increased by +50.0%. The inventory for 4 bedroom homes remained the same. The inventory for 5 bedroom homes decreased by -50.0%.

Asking Price vs. Sold Price

How much do homes in 40516, KY cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price0 Home

At Asking Price2 Homes

Under Asking Price1 Home

Insight

If you're buying a home in 40516, expect to pay close to the asking price. 66.7% of homes here sold near the asking price last month.

Summary: A total of 3 homes were sold or pending in 40516 in May 2025, the same as the previous month. Of the 3 sold homes, 33% were sold under asking, 67% were sold at asking, and and 0% were sold over asking.

Days on Market for 40516, KY

How long does it take to sell a home in 40516, KY?

Breakdown of Home Sale Times

Under 30 Days2 Homes

30 – 90 Days0 Home

Over 90 Days1 Home

Insight

Many homes in 40516 are selling fast, if you're buying plan to act quickly.

Summary: During May 2025, 3 homes were sold in 40516; 67% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
44 DaysThis YearMay 2025
2 Days1 year agoMay 2024
+2100.0 %
Change YoYMay 2024 – May 2025

Summary: Homes in 40516 had an average listing age of 44 days in May 2025, up by 2100.0% compared to the previous year.

Connect With An Agent

Local real estate agents are ready to help you find a home here

Sell My Home

Sell your home with an expert or get the job done on your own.

Get Approved

Get a customizable mortgage solution based on today's rates.

Newest Listings in 40516, KY

What homes are available in 40516, KY?

See More Listings

Nearby markets

Popular Cities with Homes for Sale in Kentucky

MLS Disclaimers and Copyright

Based on information from Imagine MLS, for the period 06/01/2023 - 06/01/2025

IDX The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of the Lexington-Bluegrass Association of Realtors Multiple Listing Service. Real estate listings held by IDX Brokerage firms other than this broker, are marked with the IDX logo or the IDX thumbnail logo and detailed information about them includes the name of the listing IDX Brokers. Information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Listing(s) information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. © 2025 LBAR Multiple Listing Service. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 6/17/2025, 10:45:33 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.